Not sure. My thoughts are it could be PMD (where the rim was hit and pushed in along with WE); or a die break (and crack). It is not a letter.
Man, that has some of just about everything. Lamination, corrosion, stained, PMD, PVC?, and I can't even tell what the piece is between the D and W. That looks to me like a loose piece that just got stuck there. If it is, it could have come from anywhere.
Look at the rim between the D and W and you can see where that piece is still attached on one end and the piece missing to the right because it was folded down. I did say PMD, but I take it back. It looks like a lamination peel going from the W up into the rim where a small piece folded down into the field. The coin is so circulated though that it isn't worth much except as a conversation piece.